LASH Group and Centurion Asset Management have broken ground on Radius Etobicoke, a 259-unit purpose-built rental apartment with ground-floor retail at 5507 Dundas St. W. in the Toronto suburb that shares the building’s name.

The two companies have previously partnered on the development of three condominium projects in another Toronto suburb, Scarborough, which has forged a solid working relationship between them. 

The origins of LASH, a Toronto-based and family-run company, stretch back to 1955. The firm has been involved with retail, commercial and industrial properties over the years as well as residential.

“We're a one-stop shop where LASH does the zoning, the marketing, the sales, the construction, the after-sales service and property management,” president and chief executive officer Larry Blankenstein told RENX.

Centurion’s role

Toronto-based Centurion specializes in real estate and other alternative asset classes. Its Centurion Apartment Real Estate Investment Trust and Centurion Financial Trust offer investors diversified portfolios of rental apartments, mortgages, real estate developments and debt instruments.

Centurion’s portfolio includes more than 23,000 rental units in 159 properties in 45 cities across Canada. This includes multiresidential buildings, student housing communities and medical offices.

“We're always actively in the market, identifying and structuring partnerships with strong development partners, and the LASH Group is exactly the kind of partner that Centurion looks for,” executive vice-president of property operations Stephen Marshall told RENX in a separate interview. 

“They've got over 70 years of experience in GTA (Greater Toronto Area) development, a proven multiresidential track record and a shared vision for what purpose-built rental should look like. So we're in alignment and really happy to be part of that.”

Centurion is the capital partner and asset manager for Radius Etobicoke and will oversee property management upon completion. The building will be part of the Centurion Apartment REIT portfolio.

Radius Etobicoke details

The Radius Etobicoke site was formerly occupied by an automotive dealership but was desirable as a residential location due to its close proximity to the Kipling Toronto Transit Commission and GO Transit hub to the east and Highway 427 to the west. There’s also a lot of retail and restaurants in the area.

Radius Etobicoke’s 259 units will include five townhouses. There will be 175 one-bedroom, 56 two-bedroom and two-bedroom plus den, and 28 three-bedroom and three-bedroom plus den units.

Amenities will include:

• a business centre with private working pods;
• a theatre:
• a gym;
• an outdoor terrace;
• underground parking; and
• a small amount of retail space at grade.

The 22-storey building is scheduled for completion in November 2028.

LASH’s multi-residential portfolio

LASH has four other apartment buildings in the GTA at: 40 Meadowglen Pl. in Scarborough; 640 Lauder Ave. in York; and 775 Steeles Ave. W. and 8 Godstone Rd. in North York. 

“Toronto's rental housing gap isn't closing fast enough,” Blankenstein said. “Demand continues to grow as more Canadians are choosing renting not as a fallback option, but as a deliberate long-term lifestyle choice, and Radius Etobicoke directly fills that gap by delivering high-quality rental living that reflects and respects the choice to rent.”

Units are still available at LASH’s 14-storey, 144-unit Tricycle Condominiums at 1021 Markham Rd. in Scarborough, which was completed in September 2024. Units are also available in the neighbouring 34-storey, 331-unit FourMe - ME Living 4 condo that’s scheduled for occupancy early next year. 

A proposed 44-storey, 455-unit building at 1151 Markham Rd. has received zoning approval and is still in the pre-construction phase. It hasn’t been decided if it will be a condo or purpose-built rental.

A commercial building previously developed by LASH is on that site and providing holding income so there’s no rush to move forward.

Centurion remains bullish on purpose-built rentals

While Radius Etobicoke is Centurion’s current development focus, Marshall said it will be involved with future projects in the Ottawa-area neighbourhood of Kanata, and in Surrey, B.C.

“Our investment team is constantly looking to work with development partners,” said Marshall.

“In some of the core markets – including Toronto, Vancouver and Montreal – ownership is losing its appeal for housing strictly because of the rising costs and negative equity stories that we're all hearing and reading about. It makes home ownership feel like a financial burden, not necessarily a milestone. 

“Renting is becoming a lifestyle choice. Flexibility, mobility and liquidity are starting to outweigh the traditional own-versus-rent mindset. The cultural norms are shifting somewhat and Canada may be moving more towards the European model, where long-term renting is the default. 

“So we're confident that with continued immigration in the future there's going to be ongoing demand, so we're continuing to move forward.”